Biotech ETF IBB On Pace For Best Weekly Gain 7 Months

By Mark DeCambre Markets MarketWatch Pulse

A popular fund used to invest in the biotechnology sector on Thursday was on track for its best weekly gain in seven months, according to FactSet data. The iShares Nasdaq Biotechnology ETF was up 1.3% on the day and looking at a 9.3% weekly advance, which would mark its best such gain since the week ended Nov. 11. Gains in the exchange-traded fund were being aided by a 13% climb in shares of XBiotech Inc. and a 8% jump in Sangamo Therapeutics Inc. [: SGMO]. The moves come as the U.S. Senate is soon set to reveal a health-care bill and as President Donald Trump has talked about making changes to drug pricing. Health-care stocks were the best performer in the S&P 500 index in early Thursday trade. The S&P 500 index was trading flat at 2,435, while the Dow Jones Industrial Average was up less than 0.1% at 21,420. The Nasdaq Composite Index , meanwhile, where biotech is a big component, was little-changed at 6,231.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.